KARACHI: Federal Board of Revenue (FBR) is imposing fine and penalties on taxpayers who are not replying to notices issued for production of documents and records.
FBR sources said that large scale audit exercise had been launched by tax departments but most of taxpayers were not replying accordingly. Therefore, tax offices are imposing fine and penalties under Income Tax Ordinance, 2001.
The Inland Revenue officers are invoking Section 182 to imposing fine and penalties for non-compliance with provisions of Section 177 of the Ordinance.
In case a taxpayer fails to produce the record of documents on receipt of first notice then such person shall pay a penalty of twenty-five thousand rupees.
In case a taxpayer fails to produce the record or documents on receipt of second notice then such person shall pay a penalty of fifty thousand rupees.
Lastly in case a taxpayer fails to produce the record or documents on receipt of third notice such person shall pay a penalty of one hundred thousand rupees.
